News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/MJN9UYUbmz
  • How does stock market liquidity benefit its traders? Learn more here. https://t.co/FWKyIDUwAw https://t.co/cye72bUV4e
  • BoK Governor Lee says Yellen a rational pick for Fed, would be positive for markets - BBG
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.39% Silver: 0.27% Gold: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NeCekjNnTU
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇭CHF: 0.13% 🇨🇦CAD: 0.09% 🇦🇺AUD: 0.04% 🇬🇧GBP: 0.03% 🇳🇿NZD: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KLzNspAZRP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.25%, while traders in NZD/USD are at opposite extremes with 75.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6Y0Ouk5KIq
  • All my Google autocompletes are now Thanksgiving related. This is making for some interesting suggested searches
  • Bok Governor Lee says action will be taken if herd behavior seen in FX market - BBG $KRWUSD
  • New Zealand Prime Minister Ardern says rising home prices not a plan for growth - BBG
  • Wall Street Futures Update: Dow Jones (+0.214%) S&P 500 (+0.262%) Nasdaq 100 (+0.440%) [delayed] -BBG
NZD/USD Technical Analysis: NZ Dollar Trend Points Downward

NZD/USD Technical Analysis: NZ Dollar Trend Points Downward

2018-03-22 08:30:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/USD Technical Strategy: SHORT AT 0.7320

  • New Zealand Dollar marks a swing top following soft 4Q GDP report
  • Break of support from March low hints larger downtrend back in play
  • Short position re-established above 0.73, targeting 2018 range floor

The New Zealand Dollar rebounded against its US counterpart after meeting chart support but the dominant trajectory continues to favor weakness. The currency pair has been drifting downward in a choppy channel since establishing a double top above the 0.74 figure. That trend remains intact for now.

From here, a daily close above resistance marked by a chart inflection point at 0.7260 targets the 0.7355-63 area (March 13 high, channel top). Alternatively, a break of the 38.2% Fibonacci expansion at 0.7140 would also pierce the channel floor, marking down trend acceleration and exposing the 50% level at 0.7048.

NZD/USD Technical Analysis: NZ Dollar Trend Points Downward

A short NZD/USD position was activated at 0.7320. Its initial target at 0.7186 has been hit and profit was booked on half of open exposure. The remainder of the trade continues to be in play to capture any follow-on weakness. A stop-loss will be triggered on a discretionary basis if the boundaries of the overall down trend appear to have been breached.

NZD/USD TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the Comments section below or @IlyaSpivak on Twitter

To receive Ilya's analysis directly via email, please SIGN UP HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES